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Roth - 2 you've - 2 — - 1 Grant Neiland - 1 there's - 1 you'd - 1 Neiland - 1 Grant Nieland - 1
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Business - 2 Carson Wealth - 2 IRS - 2 Roth IRA - 2 Service - 1 Wealth - 1

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☆ Saving in a 401(k) can come with unexpected tax bills. Here's what to check right away to avoid a surprise and 4 ways to reduce your taxes as you withdraw.
  + stars: | 2024-04-24 | by ( Kathleen Elkins | ) www.businessinsider.com   time to read: +8 min
Depending on your tax bracket at the time of withdrawal, your 401(k) money could be taxed at around 20% or 30%. Note that if you have a Roth 401(k), which is funded with after-tax dollars, you won't be taxed when withdrawing. The longer you can wait to touch your 401(k) money, the longer you'll delay owing taxes. Finally, there's the "non-taxable portion," he said, which would be money in accounts like a Roth 401(k), Roth IRA, and HSA. Or do they have a Roth IRA that they can take it from tax-free to benefit them?"
Persons: —, Grant Neiland, there's, you'd, Roth, Neiland, you've Organizations: Service, Business, Carson Wealth, IRS, Roth IRA
☆ The average tax refund is $3,109. Here's where to save and invest your return right now.
  + stars: | 2024-03-28 | by ( Kathleen Elkins | ) www.businessinsider.com   time to read: +5 min
"The goal is usually to be as close to zero as possible: either a minimal return refund or a minimal tax payment. Where to save your money right now: high-yield or money market accountsOnce you've received your refund, a good initial step is to send that money from your checking account to a savings account. A few key differences: Your cash will be more accessible in a money market account, as you can write checks and use a debit card linked directly to the account. Note that money market accounts usually have a higher minimum balance requirement, ranging from a few hundred to a few thousand dollars. Interest rates are expected to drop in 2024, but you'll still earn more in these accounts than in traditional savings accounts, which typically offer rates under 0.5%.
Persons: Grant Nieland, you've, you'll, You'll, Roth, Nieland, we're Organizations: Business, Carson Wealth, IRS, Wealth, Roth IRA
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